US President Donald Trump criticized BRICS, warning that the group would be “dead” if it launched a rival currency to the dollar. He threatened a 100% tariff on any BRICS country that moved forward with the plan.
President Trump’s comments came after he signed a memorandum on reciprocal tariffs, directing officials to propose tariffs matching those imposed on US goods by other countries.
Mr. Trump claimed that most member countries no longer wanted to discuss a common currency. India, a founding member of BRICS, has already rejected the idea of a shared currency.
BRICS, which originally included Brazil, Russia, India, China, and South Africa, has recently expanded to include Egypt, Ethiopia, Indonesia, Iran, and the UAE. Several other countries, such as Algeria, Nigeria, and Turkey, hold partner country status.
Despite its size and influence, BRICS is not a free trade group. Its key initiatives include the New Development Bank, which funds projects and promotes cooperation in areas like telecommunications and business development.
